AXS is moving again. In just one day, it rose more than twenty points, jumping from $0.94 directly to $1.17, trading volume also increased quite a lot, and in the group, some are already shouting “the base limit has been formed.” From the news side, Axie Infinity just launched Terrariums V1, also giving out bAXS rewards, it looks quite lively.

But if you ask me, just one sentence: Don’t trust it.
Let’s look even further back—November 2021, AXS reached its peak at $165. At that time, “playing while earning money” was like a myth, a village in the Philippines relied on raising Axies to support their families, NFT sales reached tens of billions of dollars, the entire crypto world was crazy about this game. AXS was the banner then, anyone believed it could change the world.
Now? $1.17.
From $165 down to more than one dollar, a 99.3% drop. If you invested ten thousand rupiah, now it’s only seventy rupiah, is this called investing? This is called giving money. Even more brutal, this isn’t a base—there’s no such thing as “drop enough” in crypto, only “how much more can it fall.”
Someone will argue: “It’s already rising again? The news supports it, volume is also appearing.” That’s true, technical indicators do show short-term buying strength, MACD just had a golden cross, trading volume is much larger than usual. But you must see clearly, this rise is a typical impulsive move driven by news—project teams release updates, push up the price, attract interest to follow the trend, then what? No support behind, it slowly falls back down. I’ve seen this AXS scenario many times, always like that.
What’s truly dangerous is the fundamentals.
The daily active users of Axie Infinity, in summer 2022, still had 2.7 million, now it’s down to more than five thousand. Five thousand people, what’s the concept? Even a slightly popular web game doesn’t reach that. A game with 5,000 active users per day, issuing tokens, market cap still exists, do you think that’s normal? The game is no longer played, where is the token’s value? Relying on memories?
And then about token unlocks. Currently, nearly 40% of AXS is still locked, not released yet. These tokens will eventually enter the market, each unlock period is real selling pressure. If you buy during the price rise, early investors and the team are waiting to take profits, their costs might be just a few cents, what can you compare that to?
There’s also Ronin bridge, which was hacked for over $600 million in 2022, and although some was recovered later, the ecosystem on that chain is almost dead. If a game chain can’t even sustain its own game, what’s the value of tokens on that chain?
I know, many will say “The previous bull season also fell, but it eventually rose again.” But this time is different. When it fell in the previous cycle, Axie was still a leader on its path, funds were still betting on its future. Now, the entire GameFi sector is quiet, no new players are entering, old players are retreating, AXS has no new story, no new flow—what will support the next bull season?
Clearly, tokens like this are “stars that have faded.” Once they shined, now only memories remain. Short-term funds that follow news rise, then run away, if you join in, you’re paying them. If it’s already down 99%, then down another 99%, that’s nothing new—SLP from 0.36 down to 0.002, part of the Axie ecosystem, do you see it’s still alive now?
So, this AXS rise is just to watch. If you really want to buy, I advise you to think carefully. Don’t use your hard-earned money to bet on a story that most likely won’t come back. $AXS ‌#我的Gate交易时刻